My 1st Investment...a bittersweet experience.

[Dolly La Salle]

Investment Info:

Townhouse buy & hold investment in Orange Park.

Purchase price: $190,000
Cash invested: $43,902

The neighborhood has high rated schools. The property has a garage, fireplace, backyard, low HOA, and a good inherited tenant.

What made you interested in investing in this type of deal?

This is my 1st property...a bittersweet experience. My intent was to purchase this townhouse so I can move back to FL and have my mother live with me and help take care of her. While I was in contract, my mother got COVID and passed away. After long contemplation, I decided to continue with the purchase. After all, it was also my mother's wish for me to buy a house. It was not going to greatly cash flow, but it was a solid investment. I plan on saving all my cash flow for future expenses.

How did you find this deal and how did you negotiate it?

I found it in the MLS, and negotiated the asking price from $210k down to $190k.

How did you finance this deal?

Conventional, 20% down payment, 30 years note

What was the outcome?

Mami and Papi, this one is for you. RIP.

Lessons learned? Challenges?

There was one bump on the road where there was a miscommunication about the roof being in the HOA. In result, the HOA does not cover the roof. So, the expense of replacing the roof due to old age now falls on my lap. Yikes! Lesson Learned: Always verify the info directly with the HOA company, not what others say.